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All Journal Ekopedia: Jurnal Ilmiah Ekonomi Jurnal Ilmiah Ekonomi dan Manajemen Indonesia
M.I. Adhisti. PD
Universitas Indraprasta PGRI
Economics, Econometrics & Finance

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Analisis Pengaruh Variabel Moneter terhadap Jumlah Uang Beredar di Indonesia Periode 2019–2023 J. Sabas Setyohadi; M.I. Adhisti. PD; Sumaryati Tjitrosumarto
Ekopedia: Jurnal Ilmiah Ekonomi Vol. 2 No. 1 (2026): JANUARI-MARET
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/8txbws94

Abstract

This study aims to analyze the effect of inflation, interest rates, and exchange rates on the money supply using a quantitative approach with time series data from 2004–2023. The analytical method employed is multiple linear regression with second-order differencing transformation after conducting stationarity tests using the Augmented Dickey–Fuller (ADF) method. The results indicate that all variables are integrated at order two I(2), thus the model estimation is performed using second difference data to avoid spurious regression. The regression results show that partially inflation, interest rates, and exchange rates do not have a significant effect on the money supply at the 5% significance level. Simultaneously, these variables also do not significantly affect the money supply, as indicated by the F-statistic probability value of 0.2249. The coefficient of determination value of 0.2602 indicates that the model explains only about 26% of the variation in the money supply, while the remaining 74% is influenced by other variables outside the model. Classical assumption tests show that the model satisfies normality, homoscedasticity, no autocorrelation, and no multicollinearity assumptions. Therefore, the regression model is econometrically valid, although the independent variables have not been proven to be the main determinants of changes in the money supply.
Macroeconomic Determinants of Economic Growth in Eight ASEAN Countries: Evidence from 2015–2024 J. Sabas Setyohadi; M.I. Adhisti. PD; Sumaryati Tjitrosumarto
Jurnal Ilmiah Ekonomi dan Manajemen Indonesia Vol. 2 No. 2 (2026): JULI-DESEMBER
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/pt2s3c55

Abstract

This study examines the effects of inflation, unemployment, investment, exports, and household consumption on economic growth in eight ASEAN countries during 2015–2024. A quantitative approach was employed using secondary data obtained from the World Bank’s World Development Indicators, resulting in 80 country-year observations. Data were analyzed using Python through descriptive statistics, Pearson correlation, multicollinearity testing, and regression analysis. Country and year fixed effects with HC3 robust standard errors were applied to account for cross-country heterogeneity, temporal effects, and heteroskedasticity. The results show that household consumption has a positive and statistically significant relationship with economic growth (β = 0.355; p = 0.027), while inflation, unemployment, investment, and exports are not statistically significant after controlling for country and year effects. The model explains 84.8% of the variation in economic growth. These findings highlight the importance of household consumption and domestic demand in supporting economic growth across the selected ASEAN economies.
Co-Authors J. Sabas Setyohadi Sumaryati Tjitro Sumarto